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Monday, July 17, 2017

Michael Roberts — Capitalism – where Marx was right and wrong

Jonathan Portes is a leading mainstream Keynesian economist. Formerly head of the British economic think-tank, the National Institute of Economic and Social Research, he is now senior fellow and professor of Economics and Public Policy, Kings College, London. Late last year Portes wrote a short book on Capitalism: 50 ideas you really need to know.

Marxian economist Roberts critiques of the misleading portrayal of Marx in Capitalism: 50 ideas you really need to know, correcting the mistakes Portes makes in his reading of Marx that reflects the myths rather than the reality of the text.

Economists' understanding of the "big three" — Adam Smith, Karl Marx, and John Maynard Keynes — is generally low, apparently because they accept the conventional wisdom about them instead of actually reading them. Hey, The Wealth of Nations, Capital, and The General Theory are long.